Plenty of big names are set to report their earnings in August, including the country's largest cable and satellite television providers, several of China's leading dot-coms, radio giant Sirius XM, car rental companies Zipcar and Avis, and the two biggest video game developers.

The number of people online in China is 52% greater than the entire U.S. population. But don't expect that many U.S. Internet companies will benefit from those 485 million Chinese Internet users. The sky-high stock valuations on China's native firms highlight their strong local advantage.

Alibaba.com (ALBCF) is unwilling to take part in its parent Alibaba Group%u2019s bid to buy a stake in Sohu.com Inc%u2019s search engine unit.
Alibaba Group and a fund founded by its chairman, Jack Ma, plan to buy a 16% stake in Sohu.com%u2019s search engine unit, Sogou, IDG News reported. The deal, which has not yet been finalized, may increase Sohu%u2019s search engine presence in China and draw users to Alibaba Group%u2019s e-commerce business.